The Eagles are 19th in the Premier League after losing 1-0 at Burnley on Sunday - and failed to score in their four league matches under De Boer.
His is the shortest Premier League managerial tenure in terms of games, and the 47-year-old's past two jobs have lasted a combined 162 days.
Announcing the Dutchman's departure on the club website, Palace said: "We would like to thank Frank for his dedication and hard work."
Former Ajax boss De Boer only took over this summer, succeeding Sam Allardyce, who left after helping Palace avoid relegation last season.
He was sacked by Inter Milan in November 2016 after 85 days.
Prior to that he had won the Eredivisie four years in a row, between 2011 and 2015.
His only win as Palace manager came in the EFL Cup against Ipswich Town.
When asked for his reaction, Chelsea boss Antonio Conte said: "I am sorry for him. You ask for a bit of time for your work."
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